MARK 201 Final Exam Questions with Correct Answers Latest Update 2025/2026
Marketing - Answers The activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large
Exchange - Answers The trade of things of value between a buyer and a seller so that each is
better off after the trade
Need - Answers occurs when a person feels deprived of basic necessities such as food, clothing,
and shelter
Want - Answers a need that is shaped by a person's knowledge, culture, and personality
Target Market - Answers one or more specific groups of potential consumers toward which an
organization directs its marketing program
Customer Value Proposition - Answers a cluster of benefits that an organization promises
customers to satisfy their needs
Environmental Forces - Answers forces that are mostly beyond marketers control; consists of
social, economic, technological, competitive, and regulatory forces
Customer Value - Answers The unique combination of benefits received by targeted buyers that
includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a
specific price
Relationship Marketing - Answers Links the organization to its individual customers, employees,
suppliers, and other partners for their mutual long-term benefit
Marketing Program - Answers A plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers. Ideally, they can be formed into market segments
Market Segments - Answers relatively homogeneous groups of prospective buyers that (1) have
common needs and (2) will respond similarly to a marketing action (A product feature, a
promotion, or a price
Marketing Concept - Answers The idea that an organization should (1) strive to satisfy the
needs of consumers while also (2) trying to achieve the organization's goals
Market Orientation - Answers Focuses its efforts on (1) continuously collecting information
about customers' needs, (2) sharing this information across departments, and (3) using it to
create customer value
Customer Relationship Management (CRM) - Answers The process of identifying prospective
buyers, understanding them intimately, and developing favorable long-term perceptions of the
organization and its offering so that buyers will choose them in the marketplace and become
,advocates after their purchase
Direct contact - Answers customer's contacts with the seller through buying, using, and
obtaining service
Indirect Contact - Answers unplanned "touches" with the company through word-of-mouth
comments from other customers, reviewers, and news reports
Product - Answers a good, service, or idea consisting of a bundle of tangible and intangible
attributes that satisfies consumers' needs and is received in exchange for money or something
else of value
Ultimate Consumers - Answers The people who use the products and services purchased for a
household
Organizational Buyers - Answers those manufacturers, wholesalers, retailers, service companies,
not-for-profit organizations, and government agencies that buy products and services for their
own use or for resale
Utility - Answers The benefits or customer value received by users of the product; result of the
marketing exchange process and the way society benefits from marketing
Form - Answers production of the product or service
Place - Answers having the offering available where consumers need it
Time - Answers having it available when needed
Possession - Answers value of making an item easy to purchase through the provision of credit
cards or financial arrangements
Organization - Answers a legal entity that consists of people who share a common mission
Strategy - Answers An organization's long-term course of action designed to deliver a unique
customer experience while achieving its goals
Strategic Business Unit (SBU) - Answers a subsidiary, division, or unit of an organization that
markets a set of related offerings to a clearly defined target market
Functional Level - Answers Where groups of specialists actually create value for the
organization
Department - Answers refers to these specialized functions such as marketing and finance
Core Values - Answers The fundamental, passionate, and enduring principles that guide its
conduct over time
Mission - Answers a statement of the organization's function in society that often identifies its
,customers, markets, products, and technologies
Organizational Culture - Answers the set of values, ideas, attitudes, and norms of behavior that
is learned and shared among the members of an organization
Business - Answers Describes the clear, broad, underlying industry or market sector of an
organization's offering
Business Model - Answers The strategies an organization develops to provide value to the
customers it serves
Goals/Objectives - Answers statements of an accomplishment of a task to be achieved, often
by a specific time
Market Share - Answers the ratio of sales revenue of the firm to the total sales revenue of all
firms in the industry, including the firm itself
Marketing Plan - Answers a road map for the marketing actions of an organization for a
specified future time period, such as one year or five years
Marketing Dashboard - Answers The visual display of the essential information related to
achieving a marketing objective
Marketing Metric - Answers A measure of the quantitative value or trend of a marketing action
or result
Data Visualization - Answers presents information about an organization's marketing metrics
graphically so marketers can quickly (1) spot deviations from plans using the evaluation phase
and (2) take corrective actions
special capabilities - Answers the skills, technologies, and resources - that distinguish it from
other organizations and provide customer value
Business Portfolio Analysis (BPA) - Answers a technique that managers use to quantify
performance measures and growth targets to analyze their firms; SBUs as though they were a
collection of separate investments
Diversification Analysis - Answers a technique that helps a firm search for growth opportunities
from among current and new markets as well as current and new products
Market Penetration - Answers A marketing strategy to increase sales of current products in
current markets
Market Development - Answers A marketing strategy to sell current products to new markets
Product Development - Answers Marketing strategy of selling new products to current markets
, Diversification - Answers a marketing strategy of developing new products and selling them in
new markets
Strategic Marketing Process - Answers organization allocates its marketing mix resources to
reach its target markets
Situation Analysis - Answers taking stock of where the firm or product has been recently, where
it is now, and where it is headed in terms of the organization's marketing plans and the external
forces and trends affecting it
SWOT Analysis - Answers appraisal of internal Strengths and Weaknesses and its external
Opportunities and Threats
Market Segmentation - Answers involves aggregating prospective buyers into groups, or
segments, that (1) have common needs and (2) will respond similarly to a marketing action
Points of Difference - Answers those characteristics of a product that make it superior to
competitive substitutes
Marketing Strategy - Answers the means by which a marketing goal is to be achieved, usually
characterized by a specified target market and a marketing program to reach it
Marketing Tactics - Answers detailed day-to-day operational marketing actions for each element
of the marketing mix that contribute to the overall success of marketing strategies
Environmental Scanning - Answers Process of continually acquiring information on events
occurring outside the organization to identify and interpret potential trends
Social Forces - Answers Include the demographic characteristics of the population and its
culture. Changes in these forces can have a dramatic impact on marketing strategy
Demographics - Answers describing a population according to selected characteristics such as
age, gender, ethnicity, income, and occupation
Population Explosion - Answers a lot more people will inhabit the earth by 2050
Age trends - Answers the number of people 60 years and older is expected to more than double
in the coming decades
Baby Boomers - Answers The generation of children born between 1946 and 1964, are growing
older
Generation X - Answers The 50 million people born between 1965 and 1976 (baby bust)
Generation Y (Millennials) - Answers Americans born between 1977 and 1994
Generation Z - Answers includes consumers born between 1995 and 2010
Marketing - Answers The activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large
Exchange - Answers The trade of things of value between a buyer and a seller so that each is
better off after the trade
Need - Answers occurs when a person feels deprived of basic necessities such as food, clothing,
and shelter
Want - Answers a need that is shaped by a person's knowledge, culture, and personality
Target Market - Answers one or more specific groups of potential consumers toward which an
organization directs its marketing program
Customer Value Proposition - Answers a cluster of benefits that an organization promises
customers to satisfy their needs
Environmental Forces - Answers forces that are mostly beyond marketers control; consists of
social, economic, technological, competitive, and regulatory forces
Customer Value - Answers The unique combination of benefits received by targeted buyers that
includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a
specific price
Relationship Marketing - Answers Links the organization to its individual customers, employees,
suppliers, and other partners for their mutual long-term benefit
Marketing Program - Answers A plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers. Ideally, they can be formed into market segments
Market Segments - Answers relatively homogeneous groups of prospective buyers that (1) have
common needs and (2) will respond similarly to a marketing action (A product feature, a
promotion, or a price
Marketing Concept - Answers The idea that an organization should (1) strive to satisfy the
needs of consumers while also (2) trying to achieve the organization's goals
Market Orientation - Answers Focuses its efforts on (1) continuously collecting information
about customers' needs, (2) sharing this information across departments, and (3) using it to
create customer value
Customer Relationship Management (CRM) - Answers The process of identifying prospective
buyers, understanding them intimately, and developing favorable long-term perceptions of the
organization and its offering so that buyers will choose them in the marketplace and become
,advocates after their purchase
Direct contact - Answers customer's contacts with the seller through buying, using, and
obtaining service
Indirect Contact - Answers unplanned "touches" with the company through word-of-mouth
comments from other customers, reviewers, and news reports
Product - Answers a good, service, or idea consisting of a bundle of tangible and intangible
attributes that satisfies consumers' needs and is received in exchange for money or something
else of value
Ultimate Consumers - Answers The people who use the products and services purchased for a
household
Organizational Buyers - Answers those manufacturers, wholesalers, retailers, service companies,
not-for-profit organizations, and government agencies that buy products and services for their
own use or for resale
Utility - Answers The benefits or customer value received by users of the product; result of the
marketing exchange process and the way society benefits from marketing
Form - Answers production of the product or service
Place - Answers having the offering available where consumers need it
Time - Answers having it available when needed
Possession - Answers value of making an item easy to purchase through the provision of credit
cards or financial arrangements
Organization - Answers a legal entity that consists of people who share a common mission
Strategy - Answers An organization's long-term course of action designed to deliver a unique
customer experience while achieving its goals
Strategic Business Unit (SBU) - Answers a subsidiary, division, or unit of an organization that
markets a set of related offerings to a clearly defined target market
Functional Level - Answers Where groups of specialists actually create value for the
organization
Department - Answers refers to these specialized functions such as marketing and finance
Core Values - Answers The fundamental, passionate, and enduring principles that guide its
conduct over time
Mission - Answers a statement of the organization's function in society that often identifies its
,customers, markets, products, and technologies
Organizational Culture - Answers the set of values, ideas, attitudes, and norms of behavior that
is learned and shared among the members of an organization
Business - Answers Describes the clear, broad, underlying industry or market sector of an
organization's offering
Business Model - Answers The strategies an organization develops to provide value to the
customers it serves
Goals/Objectives - Answers statements of an accomplishment of a task to be achieved, often
by a specific time
Market Share - Answers the ratio of sales revenue of the firm to the total sales revenue of all
firms in the industry, including the firm itself
Marketing Plan - Answers a road map for the marketing actions of an organization for a
specified future time period, such as one year or five years
Marketing Dashboard - Answers The visual display of the essential information related to
achieving a marketing objective
Marketing Metric - Answers A measure of the quantitative value or trend of a marketing action
or result
Data Visualization - Answers presents information about an organization's marketing metrics
graphically so marketers can quickly (1) spot deviations from plans using the evaluation phase
and (2) take corrective actions
special capabilities - Answers the skills, technologies, and resources - that distinguish it from
other organizations and provide customer value
Business Portfolio Analysis (BPA) - Answers a technique that managers use to quantify
performance measures and growth targets to analyze their firms; SBUs as though they were a
collection of separate investments
Diversification Analysis - Answers a technique that helps a firm search for growth opportunities
from among current and new markets as well as current and new products
Market Penetration - Answers A marketing strategy to increase sales of current products in
current markets
Market Development - Answers A marketing strategy to sell current products to new markets
Product Development - Answers Marketing strategy of selling new products to current markets
, Diversification - Answers a marketing strategy of developing new products and selling them in
new markets
Strategic Marketing Process - Answers organization allocates its marketing mix resources to
reach its target markets
Situation Analysis - Answers taking stock of where the firm or product has been recently, where
it is now, and where it is headed in terms of the organization's marketing plans and the external
forces and trends affecting it
SWOT Analysis - Answers appraisal of internal Strengths and Weaknesses and its external
Opportunities and Threats
Market Segmentation - Answers involves aggregating prospective buyers into groups, or
segments, that (1) have common needs and (2) will respond similarly to a marketing action
Points of Difference - Answers those characteristics of a product that make it superior to
competitive substitutes
Marketing Strategy - Answers the means by which a marketing goal is to be achieved, usually
characterized by a specified target market and a marketing program to reach it
Marketing Tactics - Answers detailed day-to-day operational marketing actions for each element
of the marketing mix that contribute to the overall success of marketing strategies
Environmental Scanning - Answers Process of continually acquiring information on events
occurring outside the organization to identify and interpret potential trends
Social Forces - Answers Include the demographic characteristics of the population and its
culture. Changes in these forces can have a dramatic impact on marketing strategy
Demographics - Answers describing a population according to selected characteristics such as
age, gender, ethnicity, income, and occupation
Population Explosion - Answers a lot more people will inhabit the earth by 2050
Age trends - Answers the number of people 60 years and older is expected to more than double
in the coming decades
Baby Boomers - Answers The generation of children born between 1946 and 1964, are growing
older
Generation X - Answers The 50 million people born between 1965 and 1976 (baby bust)
Generation Y (Millennials) - Answers Americans born between 1977 and 1994
Generation Z - Answers includes consumers born between 1995 and 2010
